labels: stock markets - india, markets - general

30 Aug 01.10 PM: Sensex recovers; at 11700 news
30 August 2006

Markets have recovered from the mid-morning lows and the indices are almost flat in early afternoon trades. Asian markets have come off their highs and some of them have slipped into the red while Europe has opened with modest gains.

Sensex is trading lower by 6 points at 11700 at 01.10 PM.

Nifty is now trading lower by just one point at 3425.

Metal stocks continue to be weak in afternoon trades. SAIL is now the worst performer with losses of more than 2 per cent. Tata Steel is now down more than 1.5 per cent.

Among the smaller steel stocks, JSW Steel has lost over 4 per cent

Among other metal stocks, Nalco is down more than a per cent while Hindalco is trading nearly 0.5 per cent lower.

Zee Tele has lost ground in afternoon trades and is now down more than 2 per cent.

Power utility stocks have also drifted downwards. Reliance Energy is now down more than 1.5 per cent and Tata Power has lost over a per cent.

Bharti Airtel and Gail India continue to trade with losses of over a per cent each.

Hero Honda and Tata Tea are the other losers among index stocks.

Oil marketing stocks continue to rule very firm. BPCL is now the best performer among index stocks with gains of more than 4 per cent. BPCL has added more than 3.5 per cent.

Auto stocks have gained further with both Tata Motors and Maruti trading with gains of around a per cent each. M&M has gained over 0.5 per cent.

Ranbaxy is holding on to its gains of over 1.5 per cent. Dr Reddy's is still up a per cent.

HDFC continues to trade with gains of a per cent while OBC is up nearly a per cent.

Satyam Computer and HCL Tech are also holding on to gains of over 0.5 per cent each.

Mid-caps and small caps have also recovered from their lows. The NSE mid-cap index is now trading with gains of nearly 0.1 per cent. BSE mid-cap index is down 0.1 per cent and small-cap index is down close to 0.25 per cent. Market breadth on the NSE is negative with more than 1.5 stocks declining for every advancing stock.

Mirc Electronics, Jaybharat Maruti, BIL, Excel Industries, Exide Industries, RPG Cables, Rana Sugars, KEC Infrastructure and SIL are among the major mid-cap gainers.

Macmillan India, Petron Engineering, Swaraj Engines, GMR Industries, Khaitan Limited and Hindustan Sanitary are the major mid-cap losers.

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30 Aug 01.10 PM: Sensex recovers; at 11700